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In this analysis, I’ll be reviewing the AVAX coin — one of the popular RWA projects in crypto with a high market cap.
🔍 This coin currently has a market cap of $9.94 billion and ranks 14th on CoinMarketCap.
⏳ 4-Hour Timeframe
As shown on the 4-hour chart, there’s a clear ascending trendline that has been tested several times. There was also a fake breakout below the trendline, and now price is reacting to it once again.
⚡️ A resistance level has formed at 23.90, which the price has reacted to. Given the recent bounce off the trendline, the probability of breaking 23.90 has increased.
✔️ A break above 23.90 offers a potential long entry, though this isn’t the main long trigger. The target for this move would be 25.78. The main long position should be considered after a breakout above 25.78.
💥 The 25.78 zone is a key resistance level that marked the top of previous bullish legs, so breaking it could lead to a strong bullish trend.
🔽 On the flip side, if the price prints a lower high below 25.78 and moves back toward the trendline, the probability of breaking the trendline increases.
✨ If the trendline breaks, the confirmation trigger would be 22.10. A break below 22.10 opens a short setup, with the next support level located at 19.23.
📊 Currently, market volume is favoring the buyers. With renewed buying volume off the trendline, if this momentum continues, the bullish scenario becomes more likely.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I’ll be reviewing the AVAX coin — one of the popular RWA projects in crypto with a high market cap.
🔍 This coin currently has a market cap of $9.94 billion and ranks 14th on CoinMarketCap.
⏳ 4-Hour Timeframe
As shown on the 4-hour chart, there’s a clear ascending trendline that has been tested several times. There was also a fake breakout below the trendline, and now price is reacting to it once again.
⚡️ A resistance level has formed at 23.90, which the price has reacted to. Given the recent bounce off the trendline, the probability of breaking 23.90 has increased.
✔️ A break above 23.90 offers a potential long entry, though this isn’t the main long trigger. The target for this move would be 25.78. The main long position should be considered after a breakout above 25.78.
💥 The 25.78 zone is a key resistance level that marked the top of previous bullish legs, so breaking it could lead to a strong bullish trend.
🔽 On the flip side, if the price prints a lower high below 25.78 and moves back toward the trendline, the probability of breaking the trendline increases.
✨ If the trendline breaks, the confirmation trigger would be 22.10. A break below 22.10 opens a short setup, with the next support level located at 19.23.
📊 Currently, market volume is favoring the buyers. With renewed buying volume off the trendline, if this momentum continues, the bullish scenario becomes more likely.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
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🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.